Compared to the short-run price elasticity of demand, the long-run price elasticity of demand is
A) smaller.
B) the same.
C) greater.
D) either greater than or less, depending on the number of substitutes the good has.
C
You might also like to view...
Which of the following is the most important contributor to human capital?
a. education b. effort c. chance d. physical strength
When the price of a bond is below the face value, the yield to maturity:
A. will equal the current yield. B. will equal the coupon rate. C. is below the coupon rate. D. will be above the coupon rate.
Acme Inc found a tricky way to conform to the letter of the law with respect to new EPA regulations, even though they violated the spirit of the law. This is called
A) the capture theory. B) collusive response. C) share-the-gains, share-the-pains theory. D) creative response.
The Bureau of Labor Statistics would categorize a person as ________ if they were temporarily away from their job because they were ill
A) employed B) unemployed C) a discouraged worker D) out of the labor force